Binance U.S. and the Securities and Exchange Commission (SEC) have reached an agreement to repatriate customer funds to the United States.

The deal means Binance has avoided having its assets frozen and will be able to continue serving its U.S. customers.

SEC Requires Binance to Repatriate U.S. Customer Funds

The last-minute deal came after Judge Amy Berman Jackson ordered the two parties to work together.

Originally, the SEC had sought a court order to freeze funds, arguing that it was necessary to: 

“prevent dissipation or transfer of those assets from the jurisdiction of this Court, and protect this Court’s ability to award relief in the form of disgorgement, prejudgment interest, and civil penalties.” 

However, Judge Jackson acknowledged that such a freeze would hamstring Binance’s U.S. business and pass the SEC a major victory just days into its lawsuit against the firm. In order to avoid such an outcome, she asked both sides to reach a compromise. 

On Saturday, the Commission announced that it had secured an agreement to repatriate Binance U.S. customers’ assets to the United States. The company and its associated entities are also prohibited from spending corporate assets “other than in the ordinary course of business.”

Binance’s CEO Changpeng Zhao is also named as a party to the agreement, which takes the form of a consent order.

Both Sides Claim Compromise as Victory

The SEC has painted the latest deal as a win that will prevent Bin

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Author: James Morales

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